WMT - Western Metals

[UMike]

Will top up after the Share allocation and if the SP drops a bit.

I bought and sold this one too much so I hope to hold for a medium term

 

[Sean K]

Looks like it may have broken some short term support at 40, and the next real support is at 28 ish, but there might be a little at 35, if this current position is lost. Indicators are saying this is going down for the minute, and when they line up like that, I don't buy. If you're a medium to long term holder this means nothing though. General trend is still up, until it breaks that upward support line.

Chart review. Broke down through the weak support at 40 on increased vol, and now sitting on more weak support at about 35. Another poor night on the DOW then we might be looking at 28 ish support. At that time, this will probably be oversold on the indicators, but will have broken down through uptrend support line. Watching for another opportunity to buy. Hope it turns at this support level for holders.

 

[drasicjazz]

thanks kennas
great review ... i m hanging in there
and will be looking out for a topup at a beter price than the original...
i m not giving up my dayjob just yet

 

[zed327]

kromey
OK zed sit back and watch.

You been watching Zed??

I've still been watching kromey.
I got out a bit soon before ( 35.5c ) but a trading plan is a trading plan i must stick too.
Still waiting to buy back in at 30c like i said a couple of weeks ago.
I'm not sitting back hoping the sp will hold but waiting to pounce with my profits.
Are you still holding.

 

[kromey]

I've still been watching kromey.
I got out a bit soon before ( 35.5c ) but a trading plan is a trading plan i must stick too.
Still waiting to buy back in at 30c like i said a couple of weeks ago.
I'm not sitting back hoping the sp will hold but waiting to pounce with my profits.
Are you still holding.

Nice one Zed sold a fair swag at 40c and bought into GGY good things are happening there. QLD drilling results due soon hoping it might be the next Kagara. Cheers.

 

[Sean K]

Chart review. Broke down through the weak support at 40 on increased vol, and now sitting on more weak support at about 35. Another poor night on the DOW then we might be looking at 28 ish support. At that time, this will probably be oversold on the indicators, but will have broken down through uptrend support line. Watching for another opportunity to buy. Hope it turns at this support level for holders.

Looks to be bouncing off 35 support and respecting the upward trend line. OK night on the DOW may have saved its short term bacon. Stochs look like they're just about to switch. Still waiting for now. Still vulnerable IMO.

 

[mickqld]

Looks to be bouncing off 35 support and respecting the upward trend line. OK night on the DOW may have saved its short term bacon. Stochs look like they're just about to switch. Still waiting for now. Still vulnerable IMO.

I would agree with your vulnerable statement if this rise was only on low volume but its sitting at 27 million at moment and rising SP. Makes it difficult to see it getting back down below 30s unless a market correction comes along. Seems to be a very solidly supported stock as it should really have been bashed today after the last few sell down days and a general weakness right across the U sector.

 

[Sean K]

Looks to be bouncing off 35 support and respecting the upward trend line. OK night on the DOW may have saved its short term bacon. Stochs look like they're just about to switch. Still waiting for now. Still vulnerable IMO.

I've bought back in on the close due to the strong finish. There were a few big orders on the close, one of $200K. Significant reversal off the support trend line and weak support at 35. Stochs turning. I really didn't expect it to hold at 35. Would have to be a poor night on the DOW now for this not to gap up on open due to that finish IMO. But, stranger things have happened.

 

[GRTRADER]

Hi Kennas

I just wanted to say thanks for your analysis I find it very informative.

Your use of charts for the traders like myself who unfortunately dont have enough time to watch stocks as closely as one would like is great.

Cheers

 

[Sean K]

I've bought back in on the close due to the strong finish. There were a few big orders on the close, one of $200K. Significant reversal off the support trend line and weak support at 35. Stochs turning. I really didn't expect it to hold at 35. Would have to be a poor night on the DOW now for this not to gap up on open due to that finish IMO. But, stranger things have happened.

Well, it gapped up, just and then dropped back. I'd expect 35 to now be support and I'll be back out if it doesn't hold above. Appologies to fundamental players on this just holding and keeping, but I'm not very trustful of the U 'bubble' at the moment, with market caps $100m + just on a tenement here and there. Just doesn't seem reasonable to me. So, I have a pretty quick exit strategy for things if I start getting into the red. All the best.

 

[xjzha1]

Regarding the SSPP, how are the shares allocated to me? I use comsec does the shares appear in my "Issuer Sponsored Holdings" after a certain date? (11th of May). Thanks

 

[Punter]

Well, it gapped up, just and then dropped back. I'd expect 35 to now be support and I'll be back out if it doesn't hold above. Appologies to fundamental players on this just holding and keeping, but I'm not very trustful of the U 'bubble' at the moment, with market caps $100m + just on a tenement here and there. Just doesn't seem reasonable to me. So, I have a pretty quick exit strategy for things if I start getting into the red. All the best.

Very risky long trade here kennas...remember 70m+ shares to be allotted the following week due to SSPP.

 

[kromey]

Very risky long trade here kennas...remember 70m+ shares to be allotted the following week due to SSPP.

Just remember WMT are in the USA this week with their USA investors presentation roadshow. Will create a lot of interest.

 

[Punter]

Just remember WMT are in the USA this week with their USA investors presentation roadshow. Will create a lot of interest.

I wouldn't mind kromey....I hold a fair bit of these actually (+applied for SSPP) so if it stays its price then thats good. I will be interested to see what their aggressive drill program in Africa brings, they are planning lots of drilling there over many anomalies...

 

[robandcoll]

Goss coming out of the General Meeting is that 20% of holders are from USA. Dines recomendation would have sparked the US interest

 

[kransky]

70M new shares on 450M existing shares.. only 15% more shares. probably not that much of a big deal...

 

[Punter]

70M new shares on 450M existing shares.. only 15% more shares. probably not that much of a big deal...

70m from insto placement

70m from SSPP

Another 68m odd listed options I think? WMTO.

38m unlisted options

So you see WMT has over 736m shares now.

Fully diluted mkt cap is 736*0.395 = 290m

Will need to prove up about (27/450)*290 = 17m pounds to justify this mkt cap (Bannerman peer valuation)

17m pounds is possible I guess.

 

[giss]

I just received email from WMT. Everyone who applied for shares will receive half of what they asked for. THe offer was oversubscribed by 22.5 mil (8mil on offer). So instead of 23500 I got 11750. A fair result considering.

 

[Sean K]

I've lightened my position on this. Looks like 40 might have firmed as resistance and momentum's down. Stochs about to turn down by the look...Looks more vulnerable now. Not keen on holding too much with the market peaking.

Looking forward to my 21 cents spp's! Anyone got a date on when they are issued. I can't find one in the anns?

 

[PureCoco]

I think we were lucky to get half the sspp

"The Board advises that the Shareholder Share Purchase Plan (“SSPP”) has closed heavily oversubscribed. Shareholders applied for 145.2 million shares totaling subscription money of $30.5 million, an overwhelming oversubscription of $22.5 million above the $8 million target"
"Accordingly the Board has resolved to increase the SSPP to a maximum of $15.25 million. This gives participating shareholders 50% of the shares they applied for under the SSPP"

Kennas my understanding from the plan was
Issue of shares under SSPP 11 May 07
Quotation of shares on ASX 13 May 07